دانلود مقاله ISI انگلیسی شماره 99225
کد مقاله سال انتشار مقاله انگلیسی ترجمه فارسی تعداد کلمات
99225 2017 16 صفحه PDF سفارش دهید 4860 کلمه
خرید مقاله
پس از پرداخت، فوراً می توانید مقاله را دانلود فرمایید.
عنوان انگلیسی
Investor familiarity and corporate debt financing conditions
منبع

Publisher : Elsevier - Science Direct (الزویر - ساینس دایرکت)

Journal : Finance Research Letters, Volume 23, November 2017, Pages 263-268

پیش نمایش مقاله
پیش نمایش مقاله

چکیده انگلیسی

This study contributes to our understanding of how retail bondholders value familiarity with the issuer. Using a sample of corporate bonds issued by German non-financials and especially marketed to individual investors, we document that – besides product market visibility – three previously unconsidered antecedents of investor familiarity, i.e. local visibility, media visibility and overall recognition of the bond-issuing company, are negatively associated with credit spreads. Given that company visibility does not necessarily result in a reduction of fundamental risk for the group of bondholders, the finding that higher familiarity relates to lower risk premia suggests heuristic decision behaviour among retail investors where a familiarity bias reduces the perceived risk of bond investments.

خرید مقاله
پس از پرداخت، فوراً می توانید مقاله را دانلود فرمایید.